Yanis VAROUFAKIS: The Euro-Summit ‘Agreement’ on Greece – annotated by Yanis Varoufakis, July 15, 2015

Yanis Varoufakis — thoughts for the post-2008 world
The Euro-Summit ‘Agreement’ on Greece – annotated by Yanis Varoufakis
Posted on July 15, 2015 by yanisv

The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep… [For
a pdf copy click here.]

Euro Summit Statement Brussels, 12 July 2015

The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities [i.e. the Greek government must introduce
new stringent austerity directed at the weakest Greeks
that have already suffered grossly] as a pre- requisite for a possible future agreement on a new ESM programme [i.e. for a new extend-and-pretend loan].

In this context, the ownership by the Greek authorities is key [i.e. the
Syriza government must sign a declaration of having
defected to the troika’s ‘logic’],
and successful implementation should follow policy commitments.

A euro area Member State requesting financial assistance from the ESM is expected to address, wherever possible, a similar request to the IMF This is a precondition for the Eurogroup to agree on a new ESM programme. Therefore Greece will request continued IMF support (monitoring and financing) from March 2016 [i.e.
Berlin continues to believe that the Commission cannot be
trusted to ‘police’ Europe’s own ‘bailout’ programs].

Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures [i.e. Greece must subject itself
to fiscal waterboarding, even before any financing is
These measures, taken in full prior agreement with the Institutions, will include:

By 15 July

  • the streamlining of the VAT system [i.e. making it more
    regressive, through rate rises that encourage more VAT
    and the broadening of the tax base to increase revenue [i.e. dealing a major blow at the only
    Greek growth industry – tourism].
  • upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme [i.e.
    reducing the lowest of the low of pensions, while
    ignoring that the depletion of pension funds’ capital
    due to the 2012 troika-designed PSI and the ill effects
    of low employment & undeclared paid labour].
  • the safeguarding of the full legal independence of ELSTAT [i.e. the troika
    demands complete control of the way Greece’s budget
    balance is computed, with a view to controlling fully
    the magnitude of austerity it imposes on the

full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular by making the Fiscal Council operational before finalizing the MoU and introducing quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets after seeking advice from the Fiscal Council and subject to prior approval of the Institutions [i.e. the Greek government, which knows
that the imposed fiscal targets will never be achieved
under the imposed austerity, must commit to further,
automated austerity as a result of the troika’s newest


Complete text see attachment (pdf, 7p) and URL:
( http://yanisvaroufakis.eu/2015/07/15/the-euro-summit-agreement-on-greece-annotated-by-yanis-varoufakis )

Martin Zeis
globalcrisis/globalchange NEWS


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